https://www.taxtmi.com/caselaws?id=207167 The High Court ruled in favor of the revenue department against the society in a case involving an interest-free loan provided to the society's Treasurer. The court found that the loan violated provisions of the Income-tax Act as interest was not accounted for properly. The court emphasized the importance of following accounting principles, complying with statutory provisions, and maintaining proper documentation for financial transactions to avoid violations under the Act. The Assessing Officer's decision to deny exemption under section 11 was upheld, highlighting the need for strict compliance with the law. en-us Wed, 17 Aug 2011 00:00:00 +0530 Tue, 22 Nov 2011 18:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207167 The High Court ruled in favor of the revenue department against the society in a case involving an interest-free loan provided to the society's Treasurer. The court found that the loan violated provisions of the Income-tax Act as interest was not accounted for properly. The court emphasized the importance of following accounting principles, complying with statutory provisions, and maintaining proper documentation for financial transactions to avoid violations under the Act. The Assessing Officer's decision to deny exemption under section 11 was upheld, highlighting the need for strict compliance with the law. Case-Laws Income Tax Wed, 17 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207167